Business Daily from THE HINDU group of publications
Friday, Sep 07, 2007
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Business Daily from THE HINDU group of publications Friday, Sep 07, 2007 ePaper |
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Corporate
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Events Industry & Economy - Economy ‘Cos must look beyond profit maximisation’
Our Bureau Hyderabad, Sept 6 Tomorrow’s Global Company, a UK-based global corporate think tank, has prepared a report on the role of companies in facing the challenges of a changing world. The report has identified some specific ways in which global companies can fulfil the need for expanding their role in society by going beyond profit maximisation, Mr G.V. Prasad, Vice-Chairman and CEO, Dr Reddy’s Laboratories Ltd, told newspersons here on Thursday. Dr Reddy’s and Infosys Technologies are the only two companies associated with Tomorrow’s Global Company from India. “The report was prepared after extensive roundtables with different sections of the society in various places on the globe including Mumbai and Hyderabad. It focuses on expanding space of corporates by redefining success. Embedding values (in business processes) and creating frameworks to deal with important global issues with larger implications for society,” Mr Prasad said. “We believe that much can be achieved by going beyond maximising profit. The business should be based on some universal values and respect to the legislations/regulatory frame works for common good,” he explained. Only creating awareness
Citing the issue of global warming, Mr Prasad said, the current scenario reflected “a serious failure in the frameworks of law, regulations and implementation of procedures.” There is, however, no move to institutionalise the report. “We are trying to create awareness on the greater responsibility of business houses in furthering social good,” he felt. Mr Nandan Nilekani, Co-Chairman, Infosys Technologies would formally release the report in Bangalore on September 13.
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